FinTech has taken the world by storm in recent years with the likes of Monzo, Revolut and Starling Bank building up customer bases and attracting big investment from VCs. With more and more consumers turning to these digital challengers new to the market, there is an argument that these consumers now have higher expectations of the bigger, traditional banks.
Traditional banks are beginning to take these new entrants to the market more seriously as customers rely on innovative tech solutions more and more. The legacy banks are now shaking up their processes and investing serious money in digital transformation – for example, Spain’s Banco Santander committed to $22 billion over four years on digital transformation and technology, JP Morgan spent $11.4 billion in 2019 and Citigroup $8 billion.*
The challenge of meeting increasing customer expectations is compounded by other factors such as increasing regulatory compliance, Brexit uncertainty and access to data. Legacy banks face problems in this area that challenger banks don’t have to overcome. As legacy institutions have been trading for decades, they are often prohibited by out of date, siloed systems which are no longer fit for purpose. It can be difficult to provide a streamlined, modern customer experience when it is simply too difficult for banks to access all the information they need as it is spread across various systems.
THESIS ECM has been supporting banks across the world such as TAB Bank, to manage data more effectively. THESIS works as a system integrator – bringing all critical information into one single window – making it easier to manage the customer experience and regulatory compliance.